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Organization And Programs To Run To When Facing Foreclosure

Published January 31, 2011 in Bank America Short Sales - 0 Comments

Being under foreclosure process is a horrible experience for homeowners. There are times that they are afraid to answer phone calls as they think it is from bill collector and opening any letters thinking it is from their mortgage company. If you are unable to pay and left behind on mortgage payments, you may be wondering what to do to save your Dallas Texas homes from foreclosure.

Actually, there are about 2.7 million people are facing foreclosure, according to the US Treasury Department, a 150 percent increase over the last year. If you find yourself going on that foreclosure direction, then it is time for you to take action. However, there are organizations willing to help and assist you to stop foreclosure.

Listed below are some of the programs and organizations that can help you: (For more information about home buying and selling in Layton, visit Homes for sale in Layton Utah.)

Hope for Homeowners – The (HUD) Department of Housing and Urban is the one that administered this program. The real purpose of this program is to provide help to those families that aren’t capable enough to pay their mortgages.   The hope for the homeowners’ program has loan terms of 30-year fixed rate, a 90 percent loan-to-value ratio and best of all there is no prepayment penalties to be paid.

FHA-Secure – Another program under (FHA) Federal Housing Administration that helps homeowners to avoid foreclosure.  Homeowners who are left behind or upside down on their mortgage payments will be given a chance to refinance with non-FHA adjustable rate mortgages.   A regular mortgage at market rates is the best thing that this program can give homeowners.

The Home Now Alliance – Since that there are so many people are facing foreclosure process the US government in cooperation with investors, lenders and counselors formed this alliance in response to the sub prime mortgage crisis. They are trying to make connections between the homeowners and their lenders to prevent foreclosure sale by helping them through the loan workout process.

Associations of Community Organizations for Reform Now – Known countrywide as ACORN, a collection of community based organizations that advocated to help low and moderate income homeowners by working against sub prime loan and 90-day moratorium. The Organization top priority is to provide every single poor family with better and affordable Montgomery County homes for sale.

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